The war is between Ukraine and Russia but as always America is playing a major role in this war. As the conflict is not getting resolved and Russia’s dictatorship is not coming to an end, many western countries including the United States and the United Kingdom decided to impose some sanctions on Russia. These sanctions or rules are to show their unity towards the Ukrainians. The sanctions include banning Russian crude oil in the international market.
Many western countries have stopped the Russian supply in solidarity with Ukraine. Russia holds 80,000,000,000 barrels of proven oil reserves as of 2016, ranking 8th in the world and accounting for about 4.8% of the world’s total oil reserves. Not so surprisingly, this has resulted in a hike in crude oil prices globally. Today crude oil is selling at $130 per barrel. In Indian rupees, it costs as much as a common person’s rent for a month. If this seems funny to you then wait for Twitter’s reaction.
The hiked price is also concerning Indians and other developing countries. This one tweet by an Indian user says, “Global Crude Oil price is increasing because of US. US already cut off 2 main exporters from global market (Venezuela and Iran). If US cut off Russia from Crude Global Market, it will be a disaster for countries like India”.
Global Crude Oil price is increasing because of US. US already cut off 2 main exporters from global market (Venezuela and Iran). If US cut off Russia from Crude Global Market, it will be a disaster for countries like India. #PetrolPrice #CrudeOil #Ukraine
— Jay Vaja (@jayvaja_11) March 7, 2022
#energy #CrudeOil #CL_F #naturalgas #Gazprom #Lukoil #Russia #sanctions pic.twitter.com/PbnzJ9cTWJ
— Victor Y (@Speakulator) March 7, 2022
Another user named smallplayers hopes to see toilet paper becoming as crucial as oil right now. The tweet reads, “Seeing what’s going on with the price of oil, I am petitioning toilet paper to become a traded commodity for the next pandemic! #Oilprices #oil #CrudeOil #crude”.
https://twitter.com/small_players/status/1500860984537321478?s=20&t=o8Y5GIYx7dQevZEUFdjt8Q
During the covid period, many people assumed the price of oil to be decreasing in near future but the future is filled with uncertainty. Now, popular beliefs say the price can rise up to $150 per barrel very soon if the war doesn’t stop.
Just 2 years ago…approx#CrudeOil https://t.co/4FdmLrFhCj
— I Hope (@i_hope_tweet) March 7, 2022
America doesn’t understand that people are not actually as stupid as they think. A user named Awara tweets, “The way USA is banning oil producing countries like Iran, Venezuela and now Russia. It seems like they want to establish their hegemony over crude oil prices. Imo USA is starting a new cold war #CrudeOil”.
The way USA is banning oil producing countries like Iran, Venezuela and now Russia. It seems like they want to establish their hegemony over crude oil prices. Imo USA is starting a new cold war#CrudeOil
— Awara???? (@soni__prashant) March 7, 2022
If crude remain around 130 140 dollar,india must buy oil from russia which is getting at 30% discount.otherwise india will pay almost double of what we have paid last year(65 billion usd)#CrudeOil #brentcrude #Oil
— Tejas (@CaThesisn) March 7, 2022
The price of oil influences every other commodity in the world so now there is a possibility of the increasing price range of even essential commodities. As one user says, “Carpooling and Roommates are almost essential. Soon maybe mandatory to survive”.
Carpooling and Roommates are almost essential. Soon maybe mandatory to survive.#Bidenflation #CrudeOil #CostOfLivingCrisis
— Michael Stewart?? (@freespeechatlas) March 7, 2022
The crude oil price will also impact the Indian Rupee- the Indian currency. Increased oil price would mean decreased Indian rupee value. This is explained very nicely by @soni_prashant on Twitter with a hilarious meme.
Whenever #crudeoil price hikes
Rupee pic.twitter.com/974y9S1ooa
— Awara???? (@soni__prashant) March 7, 2022
